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July 17, 2009
Texas Law Affects Trustees After Trust Founder Dies
Texas's enrolled version of S.B. 666 will prevent some trustees from moving a trust from Texas without a notification to the state AG and a court determination that removal will not interfere with the founder's wishes.
The law applies to trusts left to lawyers and banks after the founder dies and is designed to ensure that the founder's intent is carried-out.
See Stephanie Strom, Texas Adopts Law on Stewardship of Trusts After Founders Die, NY Times, June 27, 2009.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
July 17, 2009 in Estate Administration, New Legislation, Trusts | Permalink
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